§ 676.7 Judgment or award on a foreign-money claim; amount stated in money of claim; form; entry; costs; payment; conversion

§ 676.7. Judgment or award on a foreign-money claim; amount stated in money of claim; form; entry; costs;
payment; conversion

(a) Except as provided in subdivision (c), a judgment or award on a foreign-money claim shall be stated in an amount of the money of the claim.

(b) A judgment or award on a foreign-money claim is payable in that foreign money or, at the option of the debtor, in the amount of United States dollars which will purchase that foreign money on the conversion date at a bank-offered spot rate.

(d) Each payment in United States dollars shall be accepted and credited on a judgment or award on a foreign-money claim in the amount of the foreign money that could be purchased by the dollars at a bank-offered spot rate of exchange at or near the close of business on the conversion date for that payment.

(e) A judgment or award made in an action or distribution proceeding on both (1) a defense, setoff, recoupment, or counterclaim and (2) the adverse party's claim, shall be netted by converting the money of the smaller into the money of the larger, and by subtracting the smaller from the larger, and specify the rates of exchange used.

(f) A judgment substantially in the following form complies with subdivision (a):

“IT IS ADJUDGED AND ORDERED, that Defendant ___________(insert name) pay to

plaintiff ____________________________________ the sum of

________________________________________________________

(insert name) (insert amount in the foreign money)

plus interest on that sum at the rate of ___________________ percent a year or,

(insert rate - see Section 676.9)

at the option of the judgment debtor, the number of United States dollars which will purchase the

________________________________ with interest due, at

(insert name of foreign money)

a bank-offered spot rate at or near the close of business on the banking day next before the day of payment, together with assessed costs of

(insert amount)

United States dollars.”

(g) If a contract claim is of the type covered by subdivision (a) or (b) of Section 676.5, the judgment or award shall be entered for the amount of money stated to measure the obligation to be paid in the money specified for payment or, at the option of the debtor, the number of United States dollars which will purchase the computed amount of the money of payment on the conversion date at a bank-offered spot rate.

(h) A judgment shall be entered in foreign money in the same manner, and has the same effect as a lien, as other judgments. It may be discharged by payment.